Many new blockchains are being created, but what about the security aspects? Blockchain is said to be ultra-secure, and not many human beings have doubted this statement. Blockchain builders can emerge as pretty innovative in building new platforms, however, leaving room for errors, which is normal.
Can Blockchain Be Hacked?
Recent hacks have validated that blockchain isn’t always impregnable.
Nicehash hack, Dec 2017 – Cryptocurrency amounting to $64 million Bitcoin is stated to be stolen from cryptocurrency mining marketplace NiceHash, emptying its complete bitcoin wallet.
CoinDash ICO hack, July 2017 – CoinDash, a blockchain begin-up, aimed at raising capital for cryptocurrency social buying and selling by promoting their virtual tokens in change for Ethereum. On 17th July, the day of ICO sale, on three minutes after the beginning of the sale, the CoinDash website becomes compromised. The deal with for sending investments became changed with a fake cope with and investments were funded to the attacker’s account. Around $7.four million Ethereum was stolen all through this hack.
Krypton (KR) & Shift (SHF), Aug 2016 – Attackers targeted Ethereum-based Blockchains because the cryptocurrencies, Krypton (KR) and Shift, each Ethereum type coins the use of the version of 51% attack. The attackers could take advantage of the Blockchain with a two-step assault. Overpowering the community with 51% attack to ensure rollback on transactions and spending the coins twice; and using DDoS nodes to enhance network power. The assault caused the loss of 21,465 KR, $3000 on the time.
Steemit, July 2016 – The Blockchain-based totally running a blog platform, turned into hacked. Vulnerability on the Web browser front give up and no longer at the cryptocurrency itself caused this attack. Around 250 person accounts have been compromised, resulting in the loss of $85,000 worth of Steem Dollars and cryptocurrency Steem.
The DAO, May 2016 – Blockchain-based venture capital, The DAO – and Ethereum Project, hacked for $60 million.
While most of these befell on the public blockchain, personal blockchain can be inclined as well. With everyone, from startups to heavyweight MNCs boarding the blockchain explicit and new programs being rolled out by using the minute, blockchain security might be increasingly tested.
Our Model For Securing Blockchain Technology
Secure Design: to remove security dangers at inception and enhance ease of scalability. We verify the layout and architecture of the blockchain atmosphere to remove feasible loopholes from the initial layout. Our review encompasses the operational models, network architecture, transaction flow, layout, and implementation models.
Technology Audit: to take away era and process risks. We evaluation the generation and processes within the blockchain system e.G. utility platforms, allotted ledgers, consensus protocols, clever contracts, cryptography, etc the usage of our distinctive governance framework.
Compliance Audit: to make sure the safety of facts in transit and at rest. We take a look at regulatory compliance of PII and different critical records, which includes an evaluation of the genesis block, chain code, algorithms, membership provider providers (MSP), etc.
Security Assessment: to avoid compromise, manipulation, and tampering of the environment. We will attempt to exploit any vulnerability or weakness discovered during the previous stages. The purpose of this degree is to find troubles regarding compromise or takeover of peers, tampering blocks, manipulate the consensus, that may disturb the atmosphere. Strategy primarily based use cases will be designed for evaluation and PoC will be captured.
API & VM Review: to ensure the nodes of the network aren’t compromised. This section includes evaluation of the service’s website hosting the platform, SDKs, and APIs used by the programs to speak with the blockchain surroundings.
Do now not leave your blockchain security and commercial enterprise recognition to chance. Talk to Aujas, the globally recognized cybersecurity specialists. We will work carefully with your team to assess, permit and stable your blockchain lifecycle.
The Blockchain implementation
Vulnerability Assessment and Build Review
Consensus Algorithm Testing
Private Keys (The Wallets)
Password Strength Review
Key Storage Review
Shared Ledger (The Storage)
Information Disclosure Checks
Smart Contracts (The Functionality)
Secure Code Review
The Application (The Usage)
OWASP Style Testing
OWASP Style Testing
Theweborion Helps You Secure Your Blockchain Lifecycle
To make your blockchain security implementation seamless and speedy, we’ve got created a unique Risk Management Framework. This guides you to undertake and put in force blockchain safety guidelines and high-quality practices.
We offer solutions to manipulate the identities of people, businesses, and things.
Our virtual safety crew lets you stable your commercial enterprise application’s integration with numerous merchants and aggregators.
Apart from technical requirements and activities like assessment-pen testing, we also consciousness on security governance.
Our consulting group will assist permit and secure the Blockchain lifecycle and help facilitate secure online transactions and formalize virtual relationships with transactions revolving around every possible sector.